Supplement: TX HB3869 | 2023-2024 | 88th Legislature | Fiscal Note (Introduced)
For additional supplements on Texas HB3869 please see the Bill Drafting List
Bill Title: Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.
Status: 2023-03-29 - Left pending in committee [HB3869 Detail]
Download: Texas-2023-HB3869-Fiscal_Note_Introduced_.html
Bill Title: Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.
Status: 2023-03-29 - Left pending in committee [HB3869 Detail]
Download: Texas-2023-HB3869-Fiscal_Note_Introduced_.html
| TO: |
Honorable Giovanni Capriglione, Chair, House Committee on Pensions, Investments & Financial Services |
| FROM: |
Jerry McGinty, Director, Legislative Budget Board
|
| IN RE: |
HB3869 by Bryant (Relating to the retirement eligibility of certain peace officers who are members of the Teacher Retirement System of Texas.), As Introduced |
No significant fiscal implication to the State is anticipated.
This bill would change retirement eligibility for peace officers by removing changes to retirement eligibility that occurred for members who had less than five years of service as of August 31, 2014. This change would reduce the minimum age from 62 to 60 years for unreduced retirement for these members.
According to the Actuarial Impact Statement completed by the Pension Review Board, the Teacher Retirement System (TRS) is currently actuarially sound, with an amortization period of 27 years, as of August 31, 2023. Government Code, Section 821.006 defines actuarial soundness, for the purposes of making modifications to benefit and contribution levels, as less than 31 years. The projected funding period would remain unchanged following the passage of this bill.
Local Government Impact
No fiscal implication to units of local government is anticipated.
| Source Agencies: | 323 Teacher Retirement System |
| LBB Staff: | JMc, MOc, ASA, MMo |
